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Fahrenkopf — a former chairman of the Republican National Committee during President Ronald Reagan’s term — has served as president of the organization since it was created in 1995.

“I have enjoyed my time at the helm of this incredible organization and am proud to have represented an industry that provides tens of millions of men and women with the best entertainment value in the world,” Fahrenkopf said in a statement. “It has been a true honor to work with so many passionate and innovative leaders as we have moved the industry forward during the past 17 and 1/2 years.”

He is set to remain involved as a consultant. In the last Congress, Fahrenkopf and Senate Majority Leader Harry Reid (D-Nev.) worked on an online poker legalization law, but no bill was ever introduced.

Fahrenkopf will also remain co-chair of the Commission on Presidential Debates at least through the 2016 cycle.

His departure opens up a lucrative K Street job just as dozens of lawmakers are leaving office. According to tax records compiled by CEO Update, Fahrenkopf was paid $4.6 million for his services in 2011.